Home / Knowledge / News / Apparel/Garments / Mervyn's bankruptcy to reflect in Q3 results of Hanesbrands

Mervyn's bankruptcy to reflect in Q3 results of Hanesbrands

25
Oct '08
Hanesbrands Inc. today announced that the impact of the Oct. 17, 2008, liquidation disclosure by Mervyn's LLC and its affiliated entities, which occurred after Hanesbrands' third quarter ended, will be included in the company's third-quarter results as a material subsequent event.

As planned, Hanesbrands intends to report full third-quarter results at the end of trading on the New York Stock Exchange on Oct. 29, 2008.

Mervyn's, a regional retailer in California and the Southwest, originally filed for reorganization under Chapter 11 on July 29, 2008. The bad-debt charge now reflects the intentions of Mervyn's to wind down its business and conduct going-out-of-business sales at 149 remaining store locations under Chapter 11 of the U.S. Bankruptcy Code.

With the subsequent-event impact, Hanesbrands now expects pretax charges related to the Mervyn's bankruptcy to be $5.5 million, or $0.04 per diluted share after tax, for the quarter ended Sept. 27, 2008.

Excluding actions and the impact of the Mervyn's bankruptcy, Hanesbrands anticipates reporting non-GAAP earnings per diluted share of $0.56, up $0.08 from the third quarter a year ago. On a GAAP basis, Hanesbrands expects to report diluted EPS of $0.17 (which includes $0.35 of restructuring and related charges and $0.04 for the Mervyn's bankruptcy).

(Diluted EPS excluding actions is a non-GAAP measure used to better assess underlying business performance because it excludes the effect of unusual actions that are not directly related to operations. The unusual actions in the current quarter were restructuring and related charges and the tax effect on these items.)

Hanesbrands


Interviews View All

Textile industry, Head honchos

Textile industry
Head honchos

Quality should be the #1 priority

Top executives, Textile industry

Top executives
Textile industry

The foremost issue is bridging the skill gap

Angelina Francesca Cheang, MY ANJE

Angelina Francesca Cheang
MY ANJE

'Consumers in the age-group 21 to 38 are driving the activewear trend'

Vikas Banduke,

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Ashish M Amin,

Ashish M Amin

Premier Looms is a leading provider of cutting-edge machinery and...

Alphonse Reddy,

Alphonse Reddy

Bangalore-based Sunday designs and makes mattresses and accessories that...

Mohammad Hassan, Biax Fiberfilm

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Michael Jaenecke, Messe Frankfurt

Michael Jaenecke
Messe Frankfurt

From May 14 to 17, international exhibitors will present the entire...

Thomas Ong P S, NanoTextile

Thomas Ong P S
NanoTextile

Malaysian company NanoTextile Sdn Bhd taps into the potentials of...

Bani Batra,

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Nisha Chanda, Whistling Woods International School of Fashion

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Anisha Chaudhari, Threads & Shirts

Anisha Chaudhari
Threads & Shirts

Threads &amp; Shirts is a freshly-tailored concept providing men/women a...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


October 2019

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Follow us on instagram

Follow

Follow Fibre2Fashion On


Advanced Search